Canara HSBC Oriental Bank of Commerce Life Insurance Smart Goals Plan

Canara HSBC Oriental Bank of Commerce Life Insurance Smart Goals Plan is a linked insurance product. Customers cannot surrender or withdraw money from this plan for the first five years. The plan, however, offers greater flexibility in terms of premium payment options after five years while partial withdrawal benefits are available from the sixth year onwards.

Death Benefit: In the unfortunate event of the death of the insured before 60 years, the nominee will receive higher of Sum Assured or 105% of all premiums paid or Fund Value. In case the insured expires after 60 years, the nominee will receive higher of Sum Assured (minus partial withdrawals made after attainment of 58 years) or 105% of premiums paid (excluding service tax) or Fund Value

Loyalty Additions: Customers can avail of loyalty additions by way of additional allocations to their funds, subject to payment of premiums

Maturity Benefit: The Fund Value will be paid on survival till the end of the policy term

Switching option: By availing of this facility, customers can put their funds into a low risk fund in the last four years of policy for better safety of their funds

Auto funds rebalance option: Customers can opt for this facility to ensure that allocation of investments in various funds is automatically adjusted in their desired ratio

Increase/Decrease of Sum Assured: From the 6th policy year, customers can change the sum assured based on their requirements. This facility can be availed three times in a policy term (once in a policy year).

Premium Redirection: As per this facility, customers can choose to change the proportion of allocation of their premiums from second policy year onwards

Partial withdrawal: Customers can avail of partial withdrawals (in multiples of Rs.1000) from the 6th policy year

Settlement option: Customers can receive their maturity benefit in instalments up to 5 years according to the premium frequency opted for. No cover will be provided during this period. Customers can opt for withdrawal of their fund value.

Tax Benefits: Customers can avail of tax benefits under Section 80C and Section 10 (10)D under Income Tax Act, 1961

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GST of 18% is applicable on life insurance effective from the 1st of July, 2017